We understand that many of you have received letters from legal counsel for the “reorganized debtors” of Verasun Energy Corporation. These letters were regarding preference claims associated with their bankruptcy filing on October 31, 2008.

Enforcement of the rule has now been extended to December 31, 2010, while Congress considers legislation that would affect the scope of the included entities.

On March 18, 2010, President Obama signed the new Hiring Incentives to Restore Employment Act (HIRE) into law. This federal legislation creates brand new tax breaks for hiring and retaining unemployed workers Here’s a quick rundown on two of these key tax breaks:

Periodically we receive inquiries regarding how long you should keep old records. In general, record retention periods are the same for electronic records and their hard copy counterparts.

Back in 2006, the Financial Accounting Standards Board (FASB) formally announced that it would reconsider the accounting for leases, and as we enter the second quarter of 2010, they are preparing to release a preliminary standard. Although the final rules and changes are not anticipated to be finalized for another year or two, you can expect some significant changes on how you will need to begin accounting for your lease agreements in the future.

Another article on Section 199, tired of the topic? We might agree, except we recognize the significance to our clients on how this deduction benefits the cooperative or its members.